Interesting results when the 3rd quarter 2011 Atlanta home sales data is reviewed. Chartmasters gives us a look at current Atlanta real estate trends, most noteworthy is that 65% of homes sold in Metro Atlanta (viewed overall) were below $200,000. Keep current by clicking on Atlanta Real Estate Market Conditions and sign up for free weekly Altos Market Data reports for over 100 Atlanta zip codes.
Make certain to review the post Influence of Distressed Sales in Atlanta – 3rd Qtr ’11 to see how REO, foreclosures and short sales are impacting the Atlanta real estate market.
We start with the an infographic from “The Onion”…
Even though 3Q 2011 sales were higher, the overall median sales price dropped by -15.2% compared to 3Q 2010
A large increase in sales in the lower priced segment weighed the overall median sales price lower in 3Q 2011 as distressed sales continued to impact prices
Median Sales Prices shown monthly, by year, illustrates the degree to which prices have declined compared to other recent years
Monthly median sales prices in 2011 are once again consistently lower than in all previous years since 2003
The median sales price is derived by taking the point at which half of the transactions were at prices above and half below that price
Therefore, when there are more sales taking place at the low price end of the market, the median must fall lower since more sales occur in those lower price ranges
To appreciate how buyers can be attracted to distressed property purchases becomes more evident when the median sales price for
distressed properties may be nearly half that of non-distressed properties
Five of these price segments had a median DOM lower in 3Q 2011 than in 2Q 2010, while two rose
Increases in the low-price, high-volume ranges weights the overall median higher
3Q 2011 S/L percentage by price range shows that while the overall ratio is flat compared to last year, there were differences in various ranges
Higher price ranges ($300K+) all increased in 3Q 2011 compared to 3Q 2010
The median of the sales price percentage of the original list price was flat during 3Q 2011 at nearly the same percentage as in the last 2 years
S/L price ratios provide an indication of buyer price resistance and seller willingness to negotiate, with higher ratios showing a stronger seller position
Hank Miller is an Associate Broker & Certified Appraiser working full time in real estate since 1989. He specializes in the north Atlanta real estate market which includes Alpharetta, Marietta, Roswell, Duluth, Kennesaw, Sandy Springs and surrounding areas. Visit the main site at www.hounddogrealestate.com and reach Hank anytime at 678-428-8276 or EMAIL Hank
